TriOptima To Support Verification and Reconciliation of OTC Derivatives Data Submitted to DTCC Trade Repository

ICAP’s post trade risk management infrastructure division TriOptima has announced today that it will support data verification and portfolio reconciliation of DTCC’s trade repository data as requested by triResolve clients’ for their OTC derivatives portfolios. TriOptima will be the first portfolio reconciliation provider to receive directly DTCC repository data for this purpose.

TrOptima has now concluded its tenth year of existence and as far as ICAP as a group is concerned, plays an important role in contributing to the revenues of the interdealer, as its triReduce multilateral portfolio compression service has terminated more than $300 trillion in notional principal outstandings since its establishment in 2003. This is a matter of significant importance especially when bearing in mind ICAP’s mediocre performance in recent times, where volumes took a turn in the upward direction during May after sustained lows.

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

“Assisting our clients with verification and reconciliation of portfolio data submitted to DTCC trade repositories is a significant development,” said Raf Pritchard, CEO of triResolve in a corporate statement. “Making repository data directly available to the reconciliation process contributes to data accuracy and creates opportunities to combine workflows and simplify operations. Given the rapid pace of change in the market, TriOptima’s strategy is to connect to multiple platforms across the OTC derivatives landscape including central clearinghouses, confirmation platforms, repositories, and other emerging providers of trade processing and data store functionality” he explained.

Stewart Macbeth, President and CEO of DTCC’s Deriv/SERV subsidiary noted that, where permitted, such service provider linkages can be of great assistance to both regulators and market participants. “Giving our clients’ service providers access to repository data is a way to assist our clients in meeting their regulatory obligations and operational goals efficiently,” said Macbeth. ”Open access is a critical goal in the new OTC derivatives landscape, and the TriOptima connection will facilitate portfolio reconciliation for firms.”

Currently triResolve clients regularly reconcile 7 million transactions on the triResolve portfolio reconciliation platform. Data integration with the DTCC’s trade repository will enable triResolve to assist its clients in the verification and reconciliation of transactions submitted to the repository by market participants. It will also enable TriOptima’s clients to leverage triResolve’s resolution workflow to quickly address any identified exceptions.

More than 300 institutions use triResolve for portfolio reconciliation in their collateral management activities. The triResolve service supports the mandatory reconciliation requirements effective July 1, 2013 in the US and September 15, 2013 in the EU. The DTCC trade repository link is the latest integration that TriOptima has established with other market participants including the DTCC Trade Information Warehouse, MarkitSERV, SGX, and LCH SwapClear; and is part of its client service strategy.